Improve business predictability with data-driven experiences in DX4C
By : Mayank Choudhary
Director of Product Marketing, Oracle
This is a blog article published by Oracle on the upcoming data-driven digital experiences in Digital Experience for Communications solution enabled by integration of Flytxt analytics and AI
A quality customer experience has never been more critical and today, customers can interact with their communications service provider (CSP) through a myriad of channels. According to recent research, more than half of customers now use mobile apps, chat, or websites to interact with their carriers. Through these multiple customer channels – website, applications, call centers, physical retail stores, and marketing programs – CSPs are collecting an enormous amount of data about their customers but are challenged to use it to impact business outcomes in an efficient manner.
Today most CSPs handle acquisition and churn almost independently, but customers churn for a reason – primarily because of service and offering fit. When it comes to designing, launching, and managing offers and products, previously CSPs would simply make an educated guess on how to best optimize customer uptake, offer performance, and overall financial outcomes. But there is a better way. Removing any guesswork from the equation entirely, more and more CSPs are working to collect the abundance of data flowing through their disparate channels to create a “single pane of glass” view into their customer and their preferences. This customer- and product-centric data has the power to answer such questions such as “What do my customers need?” “What is the value for my customers?”, “What benefits or new products can I create for them?”, and “What price can I sell them for?”
The immense value of a data-driven experience
Having a comprehensive understanding of product-centric and customer-centric data impacts several components of a CSP’s business. If the data remains siloed, CSPs are missing an opportunity to translate insights into revenue. Designed in alignment with TM Forum’s Open Digital Architecture, Oracle’s Digital Experience for Communications (DX4C) enables CSPs to create that single view of data, and its newly launched capabilities drill down even further – providing data-driven experiences unique to specific business personas within the CSP. Marketing, product, commerce, and customer care managers can access actionable intelligence around subscription revenue growth, margin growth, subscriber growth, and churn reduction, as well as access automated assistance specific to improving decision-making within their area of expertise.
Product-centric insights
Through DX4C’s latest capabilities, product managers have clarity into the performance of each offer. With portfolio performance dashboards in place product managers can access predictive performance analytics that aid in offer design by identifying the likelihood of meeting pre-determined KPIs. Once an offer is deployed, data is collected on its performance, and a product manager can evaluate the offer based on factors such as revenue, margin, customer segment penetration, and churn reduction. If KPIs have not been met, product managers have an opportunity to take remedial actions such as pricing adjustments. With this data-driven intelligence, product managers can dig into metrics including sales by customer segment, by channel, and by campaign mode. Designing and launching new offers will be done in a new way – with a historical knowledge and a foundation that product managers can build upon to optimize performance.
Source: Oracle Blog
Churn has returned
The percentage of customers willing to switch providers has steadily risen since early 2020 with first-time failure rates up to 2019 levels. Accustomed to the instant gratification of the world today, digitally savvy customers are looking for personalized, meaningful, and frictionless support through the channel of their choosing. It has never been more critical to meet and exceed customer expectations. Oracle’s DX4C solution is designed to support CSPs in achieving high levels of customer satisfaction through innovative and engaging customer experiences.
To support retention, DX4C provides customer care agents with proactive data on churn propensity of any given customer. These predictions are identified using data from subscriber usage and consumption patterns as well as billing activities. Using the data-driven experiences provided by DX4C, agents can be empowered to make specific offers or recommendations based on the retention goals of the CSP. Agents will have the agility to design and serve personalized offers at scale across multiple customer channels and touchpoints.
Source: Oracle Blog
Turning insights into revenue
Heightened by the prominence of remote work and education, communications service providers play a critical role in the day-to-day lives of their customers. Data-driven experiences can enable providers to truly understand what’s working and what’s not among their customer base. Insights could lead to business decisions being made with more clarity – an offer that isn’t attractive to customers could be revamped, or an element of the marketing strategy that isn’t being received as planned could be pulled. Decision-makers spanning the product, customer, marketing, and commerce sides of the business will be better equipped with actionable intelligence through DX4C’s data-driven experiences.
